Investment trust snaps up ProLogis warehouse

A DISTRIBUTION warehouse in Coventry has been bought for more than £3m as part of plans by ProLogis to sell some of its ‘smaller sites’.

The 56,500 sq ft unit on ProLogis Park, north of Coventry city centre, has been snapped up by F&C REIT for £3.525m.

It is fully let on a seven-year lease to Palm Recycling, a specialist in the production of news print and corrugated cardboard, handling in excess of 400,000 tonnes of recyclable material per year.

Knight Frank in Birmingham acted for F&C REIT while Jones Lang LaSalle represented ProLogis.

The American firm, whose UK arm is headquartered in Solihull, announced in March it wanted to sell off smaller units across the country including in Coventry and on Central Park, in Rugby.

F&C REIT is an international real estate fund manager, with a large portfolio of properties across different sectors and international locations.

It currently has £7.8m worth of investment currently under management.